Quantum Base Holdings (AIM:QUBE) has reported revenue of £0.47 million for the year ended 30 April, up from £0.02 million a year earlier, as its quantum-authentication technology picked up a second paying customer.
The AIM-listed company, which develops patented Q-ID authentication tags using atomic-level randomness to combat counterfeiting, narrowed its pre-tax loss to £2.38 million from £5.12 million in the prior year. Quantum Base said the prior year's loss had been inflated by £2.8 million of share-based payment charges and £0.9 million of listing costs, neither of which repeated in FY26.
Its adjusted EBITDA loss widened to £1.91 million from £1.31 million, which the company attributed to higher staff costs and broader operating expenses that outpaced the increase in gross profit.
Revenue growth came from continued work with an international security printer with which Quantum Base deepened its relationship through government tax-stamp applications and wider smartphone support, and from a new long-term agreement with a startup building a global art registry that opens an authentication and provenance-verification application for the technology.
The company completed a fundraise in December 2025 that raised gross proceeds of £4.3 million, lifting cash and cash equivalents to £3.06 million at year-end from £2.23 million a year earlier.
Net assets rose to £6.0 million from £4.0 million, which Quantum Base said reflected the fundraise proceeds exceeding the year's loss.
During the period, the company launched the initial version of its v2.0 Q-ID Scanner for iOS, improving scan speed and usability and shortening onboarding times for new customers and programmes.
"These achievements further validate the market demand for our technology and demonstrate our ability to translate innovation into commercially relevant, real-world applications," said Tom Taylor, chief executive of Quantum Base.
Taylor acknowledged that "pipeline prospects have not yet converted into further secured contracts", though he said the company enters its new financial year with a number of opportunities to pursue and a stronger platform for growth.
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Since the year-end, Quantum Base released the Android version of its v2.0 Q-ID Scanner and said it has cut typical print-trial turnaround from four to six weeks down to two to three days, with programme onboarding shortened from three to four months to three to four weeks.
Anthony Clayden, interim head of finance, is to step down at the end of October after embedding the company's finance function through two audits and the December fundraise, with Quantum Base now seeking a permanent replacement.
The company said it enters its new financial year with two contracted customers across distinct end markets, and pointed to regulatory shifts such as the EU Digital Product Passport and GS1 Sunrise 2027 as factors expanding its target market for smartphone-readable authentication.